What will happen if I do the following:
In 99% of cases this will work fine. However there are cases where images won't scale correctly (usually depending on the contentMode). I worked with someone who did this exact thing and never noticed a problem, although I think it is terrible practice.
You will get a lighter binary, but you are asking the older devices (with less memory) to do more work. If you don't want to support these devices then don't, I think this is better than giving users a potentially broken app.
There are better ways to reduce the size of images in your app, reusing them wherever possible, stretching, tiling etc.